Succession Management vs. Succession Planning: Which Should You Do in 2015?

Organizations understand the importance of identifying and preparing successors for key positions, but as PI Worldwide research shows, about 40% are not prepared for the sudden departure of a key leader within the organization. So what should companies do? The saying goes: failure to plan is a plan to fail. Today, forward looking organizations are turning toward data driven succession management which takes a broader, collaborative view towards nurturing existing and future leaders and is characterized by transparency and insights gleaned through analytics. While succession planning centers on identifying and grooming select individuals for specific roles, succession management is focused on building a robust leadership map and developing talent benches for key positions. It is also characterized by identifying high potentials early and engaging them in an ongoing conversation to assess their motivating needs, skills, cultural fit and career interests. Through an expanded, metric driven approach toward succession, organizations improve their ability to predict success and prepare for leadership changes down the road.